Portal Seven | Banks Acquiring Failed Banks : Details of bank Acquisition

Banks Acquiring Failed Banks

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Banks failed in 2011

# 428

Failed Bank	:	Covenant Bank & Trust - Rock Spring, Georgia
Date Closed	:	March 23, 2012
Assets	:	$95.7 million
Deposits	:	$90.6 million

Acquiring Bank	:	Stearns Bank, National Association - St. Cloud, Minnesota
Assets Purchased	:	$95.7 million
Deposits Purchased	:	$90.6 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$71.6 million
Cost to the Deposit Insurance Fund	:	$31.5 million

Notes

As of December 31, 2011, Covenant Bank & Trust had approximately $95.7 million in total assets and $90.6 million in total deposits. In addition to assuming all of the deposits of the failed bank, Stearns Bank, National Association agreed to purchase essentially all of the assets.

# 427

Failed Bank	:	New City Bank - Chicago, Illinois
Date Closed	:	March 09, 2012
Assets	:	$71.2 million
Deposits	:	$72.4 million

Acquiring Bank	:	- - -
Assets Purchased	:	-
Deposits Purchased	:	-
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$17.4 million

Notes

As of December 31, 2011, New City Bank had $71.2 million in total assets and $72.4 million in total deposits. The FDIC was unable to find another financial institution to take over the banking operations of New City Bank.

# 426

Failed Bank	:	Global Commerce Bank - Doraville, Georgia
Date Closed	:	March 02, 2012
Assets	:	$143.7 million
Deposits	:	$116.8 million

Acquiring Bank	:	Metro City Bank - Doraville, Georgia
Assets Purchased	:	$79.0 million
Deposits Purchased	:	$116.8 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$17.9 million

Notes

As of December 31, 2011, Global Commerce Bank had approximately $143.7 million in total assets and $116.8 million in total deposits. In addition to assuming all of the deposits of the failed bank, Metro City Bank agreed to purchase approximately $79.0 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

# 425

Failed Bank	:	Home Savings of America - Little Falls, Minnesota
Date Closed	:	February 24, 2012
Assets	:	$434.1 million
Deposits	:	$432.2 million

Acquiring Bank	:	- - -
Assets Purchased	:	0
Deposits Purchased	:	0
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$38.8 million

Notes

The FDIC was unable to find another financial institution to take over the banking operations of Home Savings of America. The FDIC will mail directly to depositors of Home Savings of America, checks for the amount of their insured money.

# 424

Failed Bank	:	Central Bank of Georgia - Ellaville, Georgia
Date Closed	:	February 24, 2012
Assets	:	$278.9 million
Deposits	:	$266.6 million

Acquiring Bank	:	Ameris Bank - Moultrie, Georgia
Assets Purchased	:	$278.9 million
Deposits Purchased	:	$266.6 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$192.8 million
Cost to the Deposit Insurance Fund	:	$67.5 million

Notes

As of December 31, 2011, Central Bank of Georgia had approximately $278.9 million in total assets and $266.6 million in total deposits. In addition to assuming all of the deposits of the failed bank, Ameris Bank agreed to purchase essentially all of the assets.

# 423

Failed Bank	:	SCB Bank - Shelbyville, Indiana
Date Closed	:	February 10, 2012
Assets	:	$182.6 million
Deposits	:	$171.6 million

Acquiring Bank	:	First Merchants Bank, National Association - Muncie, Indiana
Assets Purchased	:	$182.6 million
Deposits Purchased	:	$171.6 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$33.9 million

Notes

As of December 31, 2011, SCB Bank had approximately $182.6 million in total assets and $171.6 million in total deposits. In addition to assuming all of the deposits of the failed bank, First Merchants Bank National Association agreed to purchase essentially all of the assets.

# 422

Failed Bank	:	Charter National Bank and Trust - Hoffman Estates, Illinois
Date Closed	:	February 10, 2012
Assets	:	$93.9 million
Deposits	:	$89.5 million

Acquiring Bank	:	Barrington Bank & Trust Company, National Association - Barrington, Illinois
Assets Purchased	:	$93.9 million
Deposits Purchased	:	$89.5 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$17.4 million

Notes

As of December 31, 2011, Charter National Bank and Trust had approximately $93.9 million in total assets and $89.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, Barrington Bank & Trust Company, National Association agreed to purchase essentially all of the assets.

# 421

Failed Bank	:	BankEast - Knoxville, Tennessee
Date Closed	:	January 27, 2012
Assets	:	$272.6 million
Deposits	:	$268.8 million

Acquiring Bank	:	U.S. Bank National Association - Cincinnati, Ohio
Assets Purchased	:	$272.6 million
Deposits Purchased	:	$268.8 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$75.6 million

Notes

As of September 30, 2011, BankEast had approximately $272.6 million in total assets and $268.8 million in total deposits. In addition to assuming all of the deposits of the failed bank, U.S. Bank National Association agreed to purchase essentially all of the assets.

# 420

Failed Bank	:	Patriot Bank Minnesota - Forest Lake, Minnesota
Date Closed	:	January 27, 2012
Assets	:	$111.3 million
Deposits	:	$108.3 million

Acquiring Bank	:	First Resource Bank - Savage, Minnesota
Assets Purchased	:	$111.3 million
Deposits Purchased	:	$108.3 million
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	$79.4 million
Cost to the Deposit Insurance Fund	:	$32.6 million

Notes

As of September 30, 2011, Patriot Bank Minnesota had approximately $111.3 million in total assets and $108.3 million in total deposits. In addition to assuming all of the deposits of the failed bank, First Resource Bank agreed to purchase essentially all of the assets.

# 419

Failed Bank	:	Tennessee Commerce Bank - Franklin, Tennessee
Date Closed	:	January 27, 2012
Assets	:	$1.185 billion
Deposits	:	$1.156 billion

Acquiring Bank	:	Republic Bank & Trust Company - Louisville, Kentucky
Assets Purchased	:	$203.9 million
Deposits Purchased	:	$1.156 billion
Premium paid for acquiring deposits	:	-
Loss Sharing Agreement with FDIC for assets	:	-
Cost to the Deposit Insurance Fund	:	$416.8 million

Notes

As of September 30, 2011, Tennessee Commerce Bank had approximately $1.185 billion in total assets and $1.156 billion in total deposits. In addition to assuming all of the deposits of the failed bank, Republic Bank & Trust Company agreed to purchase approximately $203.9 million of the failed bank's assets. The FDIC will retain most of the assets for later disposition.